Deposit Schemes
Recurring Account
The Recurring Deposit (RD) Scheme at Payyannur Service Co-operative Bank offers a convenient and disciplined way to grow your savings steadily. Customers can deposit a fixed amount every month for a chosen period and earn attractive interest rates—similar to those offered on Fixed Deposits.
This scheme is ideal for salaried individuals, small business owners, and anyone looking to build savings gradually with consistent monthly contributions.
Key Features & Benefits
Regular monthly savings: Deposit a fixed sum (in multiples of ₹50) every month.
Flexible tenure options: Choose from 12, 24, 36, or 60 months according to your convenience.
Attractive interest rates: Earn the same interest rate as Fixed Deposits.
Premature withdrawal allowed: Withdraw your deposit before maturity if needed—interest will be paid up to the withdrawal date.
Safe and secure investment: Guaranteed returns backed by a trusted co-operative institution.
How It Works
You simply deposit a fixed monthly amount into your Recurring Deposit account for the chosen term. At the end of the period, you receive the total deposited amount plus accrued interest, providing a lump-sum return that helps you achieve your financial goals easily.
Why Choose a Recurring Deposit?
A Recurring Deposit is one of the easiest ways to develop a saving habit and earn consistent returns. It gives you the dual advantage of financial discipline and assured growth, making it an ideal choice for individuals who want to invest small amounts regularly and build a solid savings foundation over time.